SkyWest Airlines 2012 Annual Report Download - page 88
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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2012
(2) Segment Reporting (Continued)
Year ended December 31,2010
SkyWest Airlines ExpressJet Other Consolidated
Operating revenues .......................... 1,904,472 855,095 5,578 2,765,145
Operating expense (income) ................... 1,759,784 804,110 (575) 2,563,319
Depreciation and amortization expense ........... 144,002 92,497 — 236,499
Interest expense ............................ 53,622 27,933 4,962 86,517
Segment profit(1) ........................... 91,066 23,052 1,191 115,309
Identifiable intangible assets, other than goodwill .... — 21,747 — 21,747
Total assets ................................ 2,587,371 1,859,138 — 4,446,509
Capital expenditures (including non—cash) ......... 158,787 22,290 — 181,077
(1) Segment profit is operating income less interest expense
(3) Long-term Debt
Long-term debt consisted of the following as of December 31, 2012 and 2011 (in thousands):
December 31, December 31,
2012 2011
Notes payable to banks, due in semi-annual installments, variable interest
based on LIBOR, or with interest rates ranging from 1.34% to 2.55%
through 2013 to 2020, secured by aircraft ........................ $ 273,515 $ 364,741
Notes payable to a financing company, due in semi-annual installments,
variable interest based on LIBOR, or with interest rates ranging from
0.70% to 2.36% through 2013 to 2021, secured by aircraft ............ 434,716 477,241
Notes payable to banks, due in semi-annual installments plus interest at
6.06% to 7.18% through 2021, secured by aircraft .................. 168,937 193,197
Notes payable to a financing company, due in semi-annual installments plus
interest at 5.78% to 6.23% through 2019, secured by aircraft .......... 39,548 53,803
Notes payable to banks, due in monthly installments plus interest of 3.15%
to 8.18% through 2025, secured by aircraft ....................... 665,867 706,463
Notes payable to banks, due in semi-annual installments, plus interest at
6.05% through 2020, secured by aircraft ......................... 17,872 19,946
Notes payable to a bank, due in monthly installments interest based on
LIBOR plus interest at 2.00% to 4.00% through 2016, secured by aircraft . 41,567 —
Long-term debt ............................................. 1,642,022 1,815,391
Less current maturities ....................................... (171,454) (208,398)
Long-term debt, net of current maturities .......................... 1,470,568 1,606,993
As of December 31, 2012, the Company had $1.6 billion of long-term debt obligations related to
the acquisition of CRJ200, CRJ700 and CRJ900 aircraft. The average effective interest rate on the debt
related to the CRJ aircraft was approximately 4.5% at December 31, 2012.
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